Beacon Hill at 100 Buckingham St. in Marlboro — Courtesy: Cushman & Wakefield
By Joshua Burd
KRE Group has closed on $90 million in financing for a new 285-unit luxury apartment community in Marlboro, brokers with Cushman & Wakefield announced Monday.
According to the debt placement team, New York Life provided the fixed-rate loan to refinance what’s known as Beacon Hill at 100 Buckingham St. The transaction follows KRE’s lease-up of the 14-building complex, designed by Minno & Wasko Architects and Planners, which opened late last year as a new addition to its portfolio of ground-up luxury suburban rentals.
Cushman’s Alan Blank, Gideon Gil, Zach Kraft and Dale Braverman advised the borrower.
“The financing of Beacon Hill marks a major milestone for the KRE Group and is a clear vote of confidence in both the asset and KRE’s broader development strategy,” Blank said. “Beacon Hill’s remarkable pace of leasing since day one speaks to the demand for high-quality, luxury rental communities in well-located suburban markets like Marlboro and Monmouth County more broadly.”
Cushman noted that the development, which includes 63 affordable units, is a collection of two-bedroom homes on 47 acres. Amenities include a 4,000-square-foot clubhouse with a modern fitness center, a clubroom with billiards, a fireplace, a large-screen TV and complimentary coffee, plus a coworking lounge and an entertainment-ready kitchen and dining area.
Residents also have access to outdoor features such as a four-season lounge with a bar, outdoor grills and games, fire pits, a dog park and a resort-style pool.
“Securing this long-term loan underscores the strength of Beacon Hill as a core asset in our portfolio and reinforces our continued commitment to delivering market-leading, institutional-caliber residential communities in high-demand suburban markets,” said Jon Kushner, president of KRE Group. “Achieving full lease-up so quickly reflects the quality of the product and the resilience of the Marlboro market. We appreciate the Cushman & Wakefield team for their expertise in arranging this financing and are pleased to work with New York Life to position this asset for lasting success.”
